CUNA Mutual Group Strengthens its Lending Platform
January 3, 2012
January 3, 2012
CUNA Mutual Group has committed to helping credit unions address their top three challenges today—growing loans, growing non-interest income and managing lending compliance risks—through an enhanced lending platform that enables credit unions to make the most of every lending opportunity. CUNA Mutual Group has focused on a number of key drivers to help credit unions increase their income and reduce their credit losses, including:
- The Lender Development Program continues to help credit unions enhance their lending programs. Participating credit unions recently hit an all-time high in average payment protection participation rate at 40.9 percent.
- New enhancements to the integrated web calculator include improved reporting for all products and side-by-side comparisons for Mechanical Repair Coverage.
- In June, CUNA Mutual Group launched Smartphone Loans for loanliner.com®, and nearly $61.3 million in loans have been requested at nearly 400 credit unions so far. Based on this success, CUNA Mutual Group is already working on plans to build on this focused initiative in 2012.
- Loan generation marketing continues to help credit unions grow loans with its turnkey targeted marketing campaigns. The 400 credit unions using this program are averaging an 8-percent growth rate in lending. Recent return on investment (ROI) studies show that credit unions generate $5 in interest for every dollar spent on the program.
- By helping credit unions manage lending compliance risks, CUNA Mutual Group is delivering on its industry-leading lending compliance capabilities and maintaining its role as a leading credit union lending industry advocate. CUNA Mutual Group has also launched new technology initiatives to deliver greater efficiencies and real-time compliance. (All statistics from CUNA Mutual Group internal reports, 2011).
Questions? Contact Sales & Marketing Associate Craig Reed: 206.340.4789, email@example.com.